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picking up on what you were talking about, congress may be having trouble avoiding the fiscal cliff. but they might be able to skirt the dairy cliff. the u.s. farm bill could keep milk prices from surging next year. it would keep a subsidy from coming back to life when the current farm bill expires today. under a 1949 law, the usda would be forced to buy milk at prices well above what farmers are getting now as the subsidies provide. that could push prices up to twice the national average of $3.12 a gallon. meanwhile, several big banks have reportedly close to a $10 billion settlement with the regulators to end the government's efforts to hold them liable nor bad foreclosure practices. "the new york times" reports nearly 40% of the settlement would dw to people who already lost their homes. in february, five banks agreed to a $25 billion settlement. the times says 14 are involved in this round of talks as well. as part of the deal, which could come this week, the banks will have to hire independent consultants to go through those loan records. >> back over to you and happy new year t
picking up on what you were talking about, congress may be having trouble avoiding the fiscal cliff. but they might be able to skirt the dairy cliff. the u.s. farm bill could keep milk prices from surging next year. it would keep a subsidy from coming back to life when the current farm bill expires today. under a 1949 law, the usda would be forced to buy milk at prices well above what farmers are getting now as the subsidies provide. that could push prices up to twice the national average of...
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it is the fault of congress. they created this fiscal cliff. they did it. no one else imposed this on them. >> the president has never gone to the nation and made a serious speech about dt. he ignored it the first two years. he appoints a commission that he studiously ignores for the next two years. that is why we are at the clip now. he is not serious about the debt. none of his proposals to raise taxes on the rich. he has never put any political capital in entitlement reform our tax reform. he'll talk about it here and there. never invested any capital in it. >> any difference of opinion? >> if it is such a trivial amount, the raising of taxes on the wealthy, then why the squealing, the yelling, the hurt feelings of all this plutocrats? my goodness gracious. i will say this -- right now, he is absolutely right. all the political advantage is with the president, but if this thing comes to a complete halt and falls, then there would be political blame across the board, and it will undermine all public confidence in the public sector. >> all political advanc
it is the fault of congress. they created this fiscal cliff. they did it. no one else imposed this on them. >> the president has never gone to the nation and made a serious speech about dt. he ignored it the first two years. he appoints a commission that he studiously ignores for the next two years. that is why we are at the clip now. he is not serious about the debt. none of his proposals to raise taxes on the rich. he has never put any political capital in entitlement reform our tax...
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cliff congress is to set to meet again today will have the latest from washington. >> and secretary of state hillary clinton has been hospitalized after doctors discovered a blood clot. we will have the latest on her condition coming up. >> plus we're watching your bay area weather on this new year's eve as well as your morning commute. >> we will be right back on the kron 4 >> it is very light traffic conditions of side. your quick commute check shows you that that is exactly what we have. in a state 5 a through altman pass way are very light right now. >> new this morning. two people are in the hospital this morning after a 2 alarm fire at a residential building in san francisco's excelsior district. the fire broke out before 1:00 this morning and crews had it under control run to 3:00 pm. to get you more news faster we will turn to jackie sizzle. >> pg&e crews remain out here. it looks like it is almost destroyed. according to officials of around 1:00 a.m. this is when the fire broke out. it sent to people to the hospital. we are here reports that it may have been a broken gas ma
cliff congress is to set to meet again today will have the latest from washington. >> and secretary of state hillary clinton has been hospitalized after doctors discovered a blood clot. we will have the latest on her condition coming up. >> plus we're watching your bay area weather on this new year's eve as well as your morning commute. >> we will be right back on the kron 4 >> it is very light traffic conditions of side. your quick commute check shows you that that is...
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. ♪ ♪ ♪ ♪ ♪ ♪ ♪ ♪ [ mouse clicks ] >>> if we go over the fiscal cliff tomorrow night, congress could still pass a bill in a few weeks with minimal damage. there's no guarantee they'll be able to come to an agreement quickly. ryan, it's good to see you at night. >> good to see you. >> thanks for having me. >> this uncertainty that americans are living with right now, do you think a deal can be reached by tomorrow? >> you know, i don't know. it's -- right now, as cnn's been reporting, it's up to mitch mcconnell and joe biden. those apparently are the two men where the entire negotiations have moved to. senator harry reid left the senate and told reporters tonight if you want to know if there's a deal, talk to biden and mcconnell. they have a history of reaching agreements, in the white house, biden is known as the mcconnell whisperer, and he got that reputation a couple years ago, when he was able to forge a budget agreement in 2010. maybe -- maybe there will be a breakthrough, but there are a lot of liberals and a lot of conservatives who will argue that no deal is better than a bad d
. ♪ ♪ ♪ ♪ ♪ ♪ ♪ ♪ [ mouse clicks ] >>> if we go over the fiscal cliff tomorrow night, congress could still pass a bill in a few weeks with minimal damage. there's no guarantee they'll be able to come to an agreement quickly. ryan, it's good to see you at night. >> good to see you. >> thanks for having me. >> this uncertainty that americans are living with right now, do you think a deal can be reached by tomorrow? >> you know, i don't know. it's...
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to let the country go over the fiscal cliff. would your party have more leverage if we went over the cliff? >> i think both leader pelosi and i said going over the cliff ought not to be an option. it will be an indication of failure of the congress to work as it should. this has been the least effective, most confrontational congress in which i have served. i came here in 1981. so i think going over the cliff is not our preferred choice at all. we think we need to get to a compromise, which as i said, will procollude taxes from going up on middle income americans, provide for the unemployment insurance. i they we also provide for the reimbursement of doctors giving services to medicare patients. butt fact of the matter is it's been very difficult to reach compromise. i think the president of the united states and is now through vice president biden trying to reach a compromise. a compromise by its very definition means that neither side gets exactly what it wants. the difficulty from the house of representatives last week the re
to let the country go over the fiscal cliff. would your party have more leverage if we went over the cliff? >> i think both leader pelosi and i said going over the cliff ought not to be an option. it will be an indication of failure of the congress to work as it should. this has been the least effective, most confrontational congress in which i have served. i came here in 1981. so i think going over the cliff is not our preferred choice at all. we think we need to get to a compromise,...
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unless congress gets its act together soon, america faces a fall off the fiscal cliff. cnn has just learned democrats are now willing to compromise on the tax threshold. they're now willing to raise taxes on incomes over $450,000 instead of $250,000. while the two sides have called in their so-called closers to work behind the scenes -- vice president biden and senate minority leader mitch mcconnell -- they're not offering much hope for an 11th hour fix. let's bring in chris, our reporter from the national journal, working the story on capitol hill all night and into the morning. what's new in the developments here that makes us think we're any closer to stopping the fiscal cliff? >> when you guys came in, i thought your bumper music might be "final countdown" as we get near the cliff. what's new from what i have learned since talking to some senate aides before coming on with you guys is that there's no deal yet, but republicans are going to huddle here later this morning, and that indicates to me with some of the news coming out of here that democrats moved to 4:30 th
unless congress gets its act together soon, america faces a fall off the fiscal cliff. cnn has just learned democrats are now willing to compromise on the tax threshold. they're now willing to raise taxes on incomes over $450,000 instead of $250,000. while the two sides have called in their so-called closers to work behind the scenes -- vice president biden and senate minority leader mitch mcconnell -- they're not offering much hope for an 11th hour fix. let's bring in chris, our reporter from...
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will congress and president obama be able to pull together a fiscal cliff deal in time? we'll let you know, when we come back. [ male announcer ] how can power consumption in china, impact wool exports from new zealand, textile production in spain, and the use of medical technology in the u.s.? at t. rowe price, we understand the connections of a complex, global economy. it's just one reason over 75% of our mutual funds beat their 10-year lipper average. t. rowe price. invest with confidence. request a prospectus or summary prospectus with investment information, risks, fees and expenses to read and consider carefully before investing. >>> well, of course, it isn't just the fiscal cliff we're counting down to. it's new year's eve and we want to say happy new year to everyone who is joining us or watching the program here today. earlier, we asked have you made any resolution, trade or otherwise, for 2013. we've got a couple at least. one here from jeff who says i resolve to invest in pets and pampering. petsmart people love pets and profit from it. that's true, actually.
will congress and president obama be able to pull together a fiscal cliff deal in time? we'll let you know, when we come back. [ male announcer ] how can power consumption in china, impact wool exports from new zealand, textile production in spain, and the use of medical technology in the u.s.? at t. rowe price, we understand the connections of a complex, global economy. it's just one reason over 75% of our mutual funds beat their 10-year lipper average. t. rowe price. invest with confidence....
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going over the fiscal cliff. meanwhile, the president talked about it today. >> democrats and republicans in congress have to get this done. but they are not there yet. they are close. but they're not there yet. and one thing we can count on with respect to this congress is that if there is even one second left before you have to do what you are supposed to do, they will use that second. >> we will continue to work on finding smarter ways to cut spending but let's not let that hold up and protect americans from the tax hike to take place in ten hours. ten hours from now. we can do this. we must do this. >> bret: it's not clear whether they can. it's not clear whether that is all of them believe they must. bring in the panel. jonah goldburg. kirsten powers if for daily beast. syndicated columnist charles krauthammer. begin with the president's statement today that happened mid-day. he framed it as ed henry said as campaign style event. middle class families behind him. didn't have a lot of details and has had the
going over the fiscal cliff. meanwhile, the president talked about it today. >> democrats and republicans in congress have to get this done. but they are not there yet. they are close. but they're not there yet. and one thing we can count on with respect to this congress is that if there is even one second left before you have to do what you are supposed to do, they will use that second. >> we will continue to work on finding smarter ways to cut spending but let's not let that hold...
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how did we get to the edge of the fiscal cliff and the least productive congress in history? >> the public is implicated in this. 2008 the public elected president obama, democratic house, democratic senate. 2010, a large number of people in the public changed their minds they got angry at us over health care, which was misunderstood, angry at us because we inherited a section that we weren't able to defeat because of their obstruction. in 010 -- in most democracies that would be it. we have a constitution under which it's called the staggered powers, checks and balances, the last three elections are there. the problem is in 2008 you had one group of people elected, in 2010, another. there wasn't simply the people in 2010 were conservative. very substantial number of the people elected as republicans in 2010 do not believe in governance. they do not understand there are things we need for the quality of life we have to come together. this isn't bob dole. this isn't howard baker. this isn't ronald reagan. these are people that are quite extreme. what's happened is that many re
how did we get to the edge of the fiscal cliff and the least productive congress in history? >> the public is implicated in this. 2008 the public elected president obama, democratic house, democratic senate. 2010, a large number of people in the public changed their minds they got angry at us over health care, which was misunderstood, angry at us because we inherited a section that we weren't able to defeat because of their obstruction. in 010 -- in most democracies that would be it. we...
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look at what congress actually did while they weren't working on the fiscal cliff. the senate confirmed two of the president's appointees and the house considered about a dozen bills including how to commemorate the 100th anniversary of the world war i and various aid and trade bills. here to give us an idea of what the congress is thinking is ed o'keefe. give us a run down. what has congress been working on and still need to do before this congress actually ends? >> it's kind of fascinating how these very modest measures that wouldn't get a vote gotten one because there's so much time on the clock still as they wait for the marquee legislative event of the year. there were changes to drywall standards. there was discussion there of the world war i commemoration which is coming up. two nominees confirmed over in the senate. two of obama's nominees. going back a few weeks, even just before christmas, there were some changes in policies at the tsa and screening baggage and judges confirmed and actually are some things that have gotten done but certainly not the big is
look at what congress actually did while they weren't working on the fiscal cliff. the senate confirmed two of the president's appointees and the house considered about a dozen bills including how to commemorate the 100th anniversary of the world war i and various aid and trade bills. here to give us an idea of what the congress is thinking is ed o'keefe. give us a run down. what has congress been working on and still need to do before this congress actually ends? >> it's kind of...
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this car is too small. >>> while congress has been arguing over the fiscal cliff, the next big battle has already arrived. treasury secretary tim geithner says government borrowing hits the debt ceiling today. with me now, former new hampshire republican senator judd gregg. he's currently co-chairman of the campaign to fix the debt. senator, let's -- i want to start 50,000 feet, and we'll move down closer to ground level, but as a former member of the senate, we've now had two grand bargains, one around the debt ceiling, one around the fiscal cliff, seemingly, well, on the debt ceiling definitely, and on this one, seemingly fall apart. now that you're on the outside, are people right to be skeptical that congress can do anything? i hesitate to say big. even medium in terms of addressing our debt and spending problems? >> oh, they're absolutely correct in being skeptical, but congress can act. it has acted in the past. regrettably, it usually acts in crisis. for example, during the financial meltdown, when the entire banking system of our nation would have collapsed, congress did act.
this car is too small. >>> while congress has been arguing over the fiscal cliff, the next big battle has already arrived. treasury secretary tim geithner says government borrowing hits the debt ceiling today. with me now, former new hampshire republican senator judd gregg. he's currently co-chairman of the campaign to fix the debt. senator, let's -- i want to start 50,000 feet, and we'll move down closer to ground level, but as a former member of the senate, we've now had two grand...
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cliff. >> a, a combination of automatic spending cuts and tax increases the triggering a recession. >> andrew spencer is lanes of negotiations they must know, " a major setback. >> as well marked makers or on avoiding the fiscal cliff. talks get " a major setback over social security benefits. both sides agree to push for. >> i wonder want to know i want to get this done. i need a dance partner. >> vice president joe biden is apparently that person for which mcconnell. >> the two are taking over talks. if nothing is resolved by midnight tonight. tax breaks for all americans will increase. democrats say it will mean about $2,000 for the average middle class family. >> a michigan woman said to me that is a month worth of groceries. also gets up to three years transportation to and from work. >> democrats want taxes to increase for americans earning over to london $50,000. republicans want texas a the same period >> republicans want taxes to stay the same period >> i offered over a trillion dol
cliff. >> a, a combination of automatic spending cuts and tax increases the triggering a recession. >> andrew spencer is lanes of negotiations they must know, " a major setback. >> as well marked makers or on avoiding the fiscal cliff. talks get " a major setback over social security benefits. both sides agree to push for. >> i wonder want to know i want to get this done. i need a dance partner. >> vice president joe biden is apparently that person for...
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. >> next, we will hear from members of congress about negotiations regarding the fiscal cliff today. harry reid followed by johnson -- john thune. >> thank you. i was gratified to hear the cuts are off the table. they should never have been on the table to begin with. there is still significant difference between the two sides. negotiations continue. we intend to continue negotiations. we will come in at 11:00 a.m. tomorrow morning. we will have further announcements. i hope so. >> next, talking about the fiscal cliff. john thune. >> thank you for the update. midafternoon today, senator john thune spoke with reporters on where things stand on the fiscal cliff. >> where do things stand as far as a republican deal? >> republicans advanced a proposal last night and you heard senator mcconnell talk about it on the floor. we're still waiting for a counteroffer. there was an indication we would receive the by 10:00 this morning, but discussions still continue. senator mcconnell and vice president joe biden are continuing to discuss this and we think there still could be a path forward. dem
. >> next, we will hear from members of congress about negotiations regarding the fiscal cliff today. harry reid followed by johnson -- john thune. >> thank you. i was gratified to hear the cuts are off the table. they should never have been on the table to begin with. there is still significant difference between the two sides. negotiations continue. we intend to continue negotiations. we will come in at 11:00 a.m. tomorrow morning. we will have further announcements. i hope so....
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the world's watching to see if congress reaches a deal to avoid the fiscal cliff. and within the last hour, the president said a deal is, quote, within sight and that he himself is willing to make hard choices to avoid $600 billion in automatic spending cuts and tax hikes. >> i'm willing to reduce our government's medicare bills by finding new ways to reduce the costs of healtcare in this country. that's something we all should agree on. we want to make sure that medicare is there for future generations. but the current trajectory of health care costs is going up so high, we have got to find ways to make sure that it is sustainable. but, that kind of reform has to go hand and hand with doing some more work to reform our tax coat so that wealthy individuals, the biggest corporations, can't take advantage of loopholes and deductions that aren't available to most of the folks standing up here. aren't available to most americans. so there is still more work to be done in the tax code to make it fair, even as we're also looking at how we can strengthen something like me
the world's watching to see if congress reaches a deal to avoid the fiscal cliff. and within the last hour, the president said a deal is, quote, within sight and that he himself is willing to make hard choices to avoid $600 billion in automatic spending cuts and tax hikes. >> i'm willing to reduce our government's medicare bills by finding new ways to reduce the costs of healtcare in this country. that's something we all should agree on. we want to make sure that medicare is there for...
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we go up the fiscal cliff for not meeting them halfway. >>> not because democrats and congre congre congress don't want to go ahead and cooperate but i think it has been hard for speaker boehner and republican mcconnell to accept the fact taxes on wealthiest should go up a little bit sweas well as a deficit reduction package. if they can't say yes to good offers i have an obligation to make sure the entire burden of deficit reduction doesn't fall on seniors who are relying on medicare. >> republicans are expressing frustration saying the president is trying to put the blame on them for going off the cliff but when senator mcconnell was brought a few days ago mcconnell's office says he got a call from senator reed or democrats to talk about the fiscal cliff in about a month. they feel like they have not gone the extra pile here. >> the vice president getting a call today. what do they make of all of that? >> that could be a big deal. it shows the white house push back they are going to say look he has been pulling out all of the stops with the vice president in delaware came to the white hous
we go up the fiscal cliff for not meeting them halfway. >>> not because democrats and congre congre congress don't want to go ahead and cooperate but i think it has been hard for speaker boehner and republican mcconnell to accept the fact taxes on wealthiest should go up a little bit sweas well as a deficit reduction package. if they can't say yes to good offers i have an obligation to make sure the entire burden of deficit reduction doesn't fall on seniors who are relying on medicare....
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. >> next, we will hear from members of congress about negotiants surrounding the fiscal cliff. senate majority leader harry reid, followed by senator john thune, then senate floor speeches from barbara boxer, joe manchin, and kay bailey hutchinson. >> the majority leader is recognized. i was glad to hear that republicans have taken their demand for social security benefit cuts off the table. it should never have >> they should never have been on the table to begin with. at 11:00 in the morning. i certainly hope >> next, republican senator john thune. >> thank you. i will first of all thank both of my colleagues for the diligent work -- they have committed themselves to this work and i appreciate it. mr. president, i rise today frustrated, embarrassed, and angry. it is absolutely inexcusable that all of us find ourselves in this place at this time, standing on the floor of the senate in front of the american >> thank you for the update. midafternoon today, senator john thune spoke with reporters on where things stand on the fiscal cliff. >> where do things stand as far as a repu
. >> next, we will hear from members of congress about negotiants surrounding the fiscal cliff. senate majority leader harry reid, followed by senator john thune, then senate floor speeches from barbara boxer, joe manchin, and kay bailey hutchinson. >> the majority leader is recognized. i was glad to hear that republicans have taken their demand for social security benefit cuts off the table. it should never have >> they should never have been on the table to begin with. at...
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cliff, not the only deadline pressing on congress today. a five-year farm subsidies bill that expired in september was never renewed. senate members did develop an extension designed to prevent some food prices from going through the roof in january. the secretary of agriculture tells cnn lack of a farm bill could hit you right in the refrigerator. >> well, if you like anything made with milk, you're going to be impacted by the fact that there's no farm bill. because if there's not an extension of existing bill or a new bill basically on january 1st or shortly thereafter, permanent agriculture law goes back into place, 1949 law, which basically means the government, the federal government, will go back in the business of strongly supporting the dairy industry by raising the price support or support for dairy products to $38 a hundred weight which is almost double the price of milk today. >> if the house decides to take up the bill today, the full congress could vote on it tonight. >>> president barack obama said he was optimistic that a dea
cliff, not the only deadline pressing on congress today. a five-year farm subsidies bill that expired in september was never renewed. senate members did develop an extension designed to prevent some food prices from going through the roof in january. the secretary of agriculture tells cnn lack of a farm bill could hit you right in the refrigerator. >> well, if you like anything made with milk, you're going to be impacted by the fact that there's no farm bill. because if there's not an...
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we'll tell you. >> and 15 hours until congress steps off the "fiscal cliff." a final push to reach a deal before the midnight deadline. >> jack frost showing up in some of the valleys very chilly start to the day. will we see some rain for new year's eve? we'll talk about that coming up. >> and no major hot spots at all in any bay area roads. here's a live look at 101 in san jose. mass transit offering free rides for the holiday, we'll tell you which once coming up. >>> good morning. it's monday, new year's eve, happy early new year's to you folks. i'm frank mallicoat. >> i'm michelle griego. time now is 6:00. we're on the scene of developing news in san francisco this morning. >> we are. cbs 5 reporter cate caugiran is in the excelsior district where a gas line gave firefighters a little bit of trouble this morning. she joins us with the latest now. good morning, cate. >> reporter: good morning, frank. on top of that, firefighters are calling this house fire suspicious just because of how quickly it spread but again we don't know what caused it. an arson team
we'll tell you. >> and 15 hours until congress steps off the "fiscal cliff." a final push to reach a deal before the midnight deadline. >> jack frost showing up in some of the valleys very chilly start to the day. will we see some rain for new year's eve? we'll talk about that coming up. >> and no major hot spots at all in any bay area roads. here's a live look at 101 in san jose. mass transit offering free rides for the holiday, we'll tell you which once coming up....
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the house stands >> fiscal cliff negotiations continue between congress and the white house. the house returns tomorrow at noon eastern. we will have coverage here on c- span. president obama spoke about the afternoon,ff this ev but in the agreement will not happen before tomorrow. his remarks are 10 minutes. >> happy new year to you. hello, everybody. thank you. please, everybody, have a seat. good afternoon, everybody. welcome to the white house. i realize that the last thing you want to hear on new year's eve is another speech from me. but i do need to talk about progress that is being made in congress today. for the last few days, leaders of both parties have been working on an agreement that will prevent the middle-class tax hikes hitting 90% of all americans starting tomorrow. preventing that tax hike has been my top priority. it is the last thing that folks like who are appear on this stage can afford right now, to pay an extra $2,000 in taxes. the middle class taxes cannot afford it -- middle-class families cannot afford it, and our economy cannot afford it. today it
the house stands >> fiscal cliff negotiations continue between congress and the white house. the house returns tomorrow at noon eastern. we will have coverage here on c- span. president obama spoke about the afternoon,ff this ev but in the agreement will not happen before tomorrow. his remarks are 10 minutes. >> happy new year to you. hello, everybody. thank you. please, everybody, have a seat. good afternoon, everybody. welcome to the white house. i realize that the last thing you...
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as we mentioned congress goes back to work to try to avoid the fiscal cliff. if there's no plan by moment and we go over, economists will predict we'll go back into recession. >> taxes would increase $2,400 a year. their social security taxes would also go up on average a thousand a year and some 2 million jobless americans stand to lose their federal unemployment benefits. in all, the congressinonal offie says an estimate third degree.4 million could be would jobs in 2013. >> reporter: senate leaders hoped to have an agreement by yesterday. they didn't. negotiators were here late last night and it does appear they're now much closer on that main issue which is the bush tax cuts and who gets to keep them. the question is whether the two sides can make it the rest of the way before tonight's deadline. senators filled the halls sunday hoping they'd have a deal to vote on, but just before 6:00 the senate leader sent them home. >> there's still significant difference between the two sides but negotiations continue. >> those talks hit a snag sunday when democrats m
as we mentioned congress goes back to work to try to avoid the fiscal cliff. if there's no plan by moment and we go over, economists will predict we'll go back into recession. >> taxes would increase $2,400 a year. their social security taxes would also go up on average a thousand a year and some 2 million jobless americans stand to lose their federal unemployment benefits. in all, the congressinonal offie says an estimate third degree.4 million could be would jobs in 2013. >>...
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boehner is going to have a tougher 113th congress without a doubt, and with this fiscal cliff deal, they're going to take it and stretch it to the very end. >> angela, you think republicans are sweating then because a few weeks ago they sounded like they could frame president obama as the bad guy. >> president obama is not the bad guy. you could see this love fest at the press conference this afternoon. american people totally understand and are supporting overwhelmingly what the president has proposed. they want tax cuts for the 98%, not for the top 2%. we've been at a standstill with plan "b" which never was a plan "b" to begin with because we're sacrificing the greater good for such a small minority. >> jimmy and susan, i am going to ask you about the president's press conference and whether you thought it was a bad idea. but when angela was talking, susan, you were shaking your head when she said that the american people are behind the president. >> well, i think right now the american people are frustrated with washington, and that's where that's going to come down. yes, the president
boehner is going to have a tougher 113th congress without a doubt, and with this fiscal cliff deal, they're going to take it and stretch it to the very end. >> angela, you think republicans are sweating then because a few weeks ago they sounded like they could frame president obama as the bad guy. >> president obama is not the bad guy. you could see this love fest at the press conference this afternoon. american people totally understand and are supporting overwhelmingly what the...
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so the fiscal cliff fallout to hit the middle class hard if congress doesn't act to fix the cliff now. economy is fausting huge risks from self-inflicted wounds. this is from the tax policy center, the codirector there. this is on top of the rate increases it is an $86 billion extra tax hitting squarely in the middle class. and we're hearing from h&r block. h&r block is saying your $1100 refund if you're a family makes 85,000 with two kids could turn into $1400 tax bill. that is warning already. whether or not they fix it. i heard mid-morning, this is the deal. they would permanently fix it. does that mean permanently index it to inflation? that is what we are looking for right now and what is happening. but separate from all that, we know obamacare taxes are also hitting january 1. ashley: yeah. >> we also have separate from that, 70 tax breaks expiring. things like sales tax deductions in certain states or tuition and fees for certain students. ashley: yeah. >> that is another thing they will have to deal with. states we have to watch out for what we're talking about the amt, califo
so the fiscal cliff fallout to hit the middle class hard if congress doesn't act to fix the cliff now. economy is fausting huge risks from self-inflicted wounds. this is from the tax policy center, the codirector there. this is on top of the rate increases it is an $86 billion extra tax hitting squarely in the middle class. and we're hearing from h&r block. h&r block is saying your $1100 refund if you're a family makes 85,000 with two kids could turn into $1400 tax bill. that is warning...
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we do have a new congress coming back in. we keep talking about the so-called fiscal cliff. there are consequences for inaction if that countdown clock gets to zero and there's no deal and no deal has been reached. >> jonathan, thank you. to your point, it's remarkable to me that what we're debating is exactly what we were debating six months ago. it's not as though something has happened recently. this is the debate we've been having or the debate we haven't been having making it all the more remarkable that we have a countdown clock for it. thank you. >> that's right. >> a deal on the fiscal cliff may be at hand, but there's still a lot to do, and not a lot of time to do it. delaware democratic senator chris kuhns. thank you for taking the time. i want to talk about something first that your colleague tom hashi harken said on the senate floor. let's come back and talk about it. >> it looks like all of the taxes will be made permanent, but all of the other things that the middle class and america really depends on. one year or two years at the most, but the tax system is ma
we do have a new congress coming back in. we keep talking about the so-called fiscal cliff. there are consequences for inaction if that countdown clock gets to zero and there's no deal and no deal has been reached. >> jonathan, thank you. to your point, it's remarkable to me that what we're debating is exactly what we were debating six months ago. it's not as though something has happened recently. this is the debate we've been having or the debate we haven't been having making it all the...
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time for a look at who is talking and the fiscal cliff negotiations that's what president obama is talking about this morning. >> the president spoke to nbc's meet the press about the urgency for congress to act and placed the blame on republicans. >> we have been talking to the republicans ever since the election was over. they have had trouble saying yes to a number of repeated offers. yesterday i had another meeting with the leadership and i suggested if they want kant to a comprehensive package let's at minimum make sure people's taxes don't go up and 2 million people don't lose unemployment insurance. i was optimistic yesterday but we don't see an agreement now the pressure is on congress to produce. if they don't what i have said is in the senate we should introduce legislation that would make sure middle class taxes stay where they are. >> donald trump will react to the current state of the negotiations at 7:00 a.m. eastern. >>> time now for your 5@5:00. the top five stories making news at this hour and a fox news alert. she was supposed to be back on the job this week but hillary c
time for a look at who is talking and the fiscal cliff negotiations that's what president obama is talking about this morning. >> the president spoke to nbc's meet the press about the urgency for congress to act and placed the blame on republicans. >> we have been talking to the republicans ever since the election was over. they have had trouble saying yes to a number of repeated offers. yesterday i had another meeting with the leadership and i suggested if they want kant to a...
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reform agreement with congress and avert the fiscal cliff. unfortunately, you have been silent on the specifics as we move forward with wrestling with the nation's fiscal crisis, especially the debt ceiling. it would help us to have a concrete plan and language from you, that again a quote. >> dave: and help you if we put it up on the screen. >> clayton: that's from senator bob corker wanting to know more specific about these so-called entitlement changes. >> dave: if you want more sticking point, the "washington post" reports the democrats are willing to go to $450,000 for a couple. and from what i have heard from those close to the situation, republicans are at $550,000 and up for a threshold. so if that's the one sticking point, it's only $100,000 apart. but to juliet's part, there is much more than that. we asked donald trump about would he be willing to accept higher taxes on the wealthy. he said yes if it's something that will grow the economy, if it's a great deal. >> do i mind if my taxes go up somewhat? will it affect me? what i want
reform agreement with congress and avert the fiscal cliff. unfortunately, you have been silent on the specifics as we move forward with wrestling with the nation's fiscal crisis, especially the debt ceiling. it would help us to have a concrete plan and language from you, that again a quote. >> dave: and help you if we put it up on the screen. >> clayton: that's from senator bob corker wanting to know more specific about these so-called entitlement changes. >> dave: if you want...
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the fiscal cliff was put in place by members of congress through the super committee and there were not able to come up with a big budget deal to fix the problems, they said if we cannot come up with a deal, if we will have these automatic cuts police. they knew the tax cuts were expiring. there are no surprises here is there's only an inability of people to work together and make hard choices that must be made. host: as the story unfolded over the past 24 hours, the president weighing in on all this and the blame game back and forth between democrats and republicans. years when he said on nbc. [video clip] >> we have been talking to the republicans ever since the election was over. they have had trouble saying yes to a number of repeated offers. yesterday i had another meeting with the leadership. i suggested to them if they cannot do a comprehensive package of smart deficit reductions, let's at minimum make sure that people's taxes don't go up and that 2 million people lose their unemployment insurance. i was modestly optimistic yesterday, but we don't yet see an agreement. now the pr
the fiscal cliff was put in place by members of congress through the super committee and there were not able to come up with a big budget deal to fix the problems, they said if we cannot come up with a deal, if we will have these automatic cuts police. they knew the tax cuts were expiring. there are no surprises here is there's only an inability of people to work together and make hard choices that must be made. host: as the story unfolded over the past 24 hours, the president weighing in on...
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the 100 of congress continued to spar with president obama and each other over the fiscal cliff. joining us from inside the beltway, peter barnes, rich edson standing by on capitol hill. all right. what are we waiting and? >> reporter: significant progress is what aides are telling us. they're working with the current framework right now. what it would do is protect income amounts of less than 400,000 for individuals, four under and 54 families, from a tax increase it includes extending current levels of the estate tax, preventing tens of millions of americans from having to pay the alternative minimum tax this year, ensuring that doctors who treat medicare patients don't get an automatic pay cut. long-term unemployment insurance. while lawmakers are discussing right now with the white house is how to deal with the sequester, those automatic spending cuts of 94 billion that are supposed to start next year. negotiations continue with senate minority leader mitch mcconnell leading the way for republicans, and a vice president discussing for democrats. we are starting to get some la
the 100 of congress continued to spar with president obama and each other over the fiscal cliff. joining us from inside the beltway, peter barnes, rich edson standing by on capitol hill. all right. what are we waiting and? >> reporter: significant progress is what aides are telling us. they're working with the current framework right now. what it would do is protect income amounts of less than 400,000 for individuals, four under and 54 families, from a tax increase it includes extending...
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cliff? we are going to debate that plus, france says no to high taxes on the rich. could the united states learn something from that? we'll analyze that when we come back. ♪ need not wonder why ♪ ♪ no tim ♪ ♪ you're a heartbreaker, dream maker ♪ >> welcome back to a sunday prime time edition of "the five." and as the clock ticks down and going over the so-called fiscal cliff. no deal he yet, but there is some finger pointing going on. >> i'm concerned about the lack of urgency here. i think we all know we're running out of time. this is far too much at stake for political gamesmanship. we need to protect the american families and businesses from this looming tax hike. everyone agrees that that option is necessary. >> i will say this, i think that the republican leader has shown absolutely good faith, but it's just that we're apart on some pretty big issues. >> and senator reid-- >> this has been a blame game from the very, very beginning and dana, we saw today president obama tak
cliff? we are going to debate that plus, france says no to high taxes on the rich. could the united states learn something from that? we'll analyze that when we come back. ♪ need not wonder why ♪ ♪ no tim ♪ ♪ you're a heartbreaker, dream maker ♪ >> welcome back to a sunday prime time edition of "the five." and as the clock ticks down and going over the so-called fiscal cliff. no deal he yet, but there is some finger pointing going on. >> i'm concerned about the...
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the fiscal cliff policies were designed basically by congress to save itself from itself. >> right. >> and if it takes effect -- >> not aspirationally but actually. >> actually as a backstop. now everybody in this whole, let's avoid this fiscal cliff -- >> as a -- >> we're going over the cliff. we've forgotten what the policies were there to do. >> as a markets guy, if there's a viewer who has money invested in the market, should they be invested in the markets if they've got cash sitting on the sidelines and see futures down today, should they say should i be buying into this? things are going to be okay? >> here's the question, you're asking before, andrew, i actually think, and probably a minority in this regard, it doesn't really matter what i think, the market may not agree with me. i actually think that fundamentally there's so much underlying strength in this economy we are in a position where we could actually go over the fiscal cliff, take those baseline policies, take the tax increases, take the messy spending cuts, and the economy will still survive. people will go to work,
the fiscal cliff policies were designed basically by congress to save itself from itself. >> right. >> and if it takes effect -- >> not aspirationally but actually. >> actually as a backstop. now everybody in this whole, let's avoid this fiscal cliff -- >> as a -- >> we're going over the cliff. we've forgotten what the policies were there to do. >> as a markets guy, if there's a viewer who has money invested in the market, should they be invested in the...
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the expectation, even if we go over the fiscal cliff. right now, congress is still looking at trying to resolve this here in the next few days. so it's not as if we go over the cliff and stay there. there would be time to resolve the issue. that being said, we saw a whirlwind of negotiating on capitol hill. and right now, after things sort of didn't work out between mitch mcconnle and harry reid, the top republican and top democrat in the senate, they have shifted between mitch mcconnell and vice president joe biden. that's where all of the action is right now. keeping the speaker of the house john boehner abreast of what's going on. keeping harry reid abreast of what's going on and keeping president obama abreast of what's going on. we heard from senator reid yesterday that they are very far apart. not just talking on the threshold, initially president obama said $250 mi,000. there is talk to bumping that to $400,000. republicans want to know how we pay for it. there are farm subsidies, the doc fix. and spending cuts. so there is a lot
the expectation, even if we go over the fiscal cliff. right now, congress is still looking at trying to resolve this here in the next few days. so it's not as if we go over the cliff and stay there. there would be time to resolve the issue. that being said, we saw a whirlwind of negotiating on capitol hill. and right now, after things sort of didn't work out between mitch mcconnle and harry reid, the top republican and top democrat in the senate, they have shifted between mitch mcconnell and...
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but if congress does not work out a fiscal cliff deal, those workers will not notice much of a difference in paychecks because of higher taxes. >>> and milk might be good for your bones soon mighting bad for your bank account. congress has until tomorrow to vote on a mutual agreement to extend the farm bill by one year, or you could see milk prices double. it's not even certain the vote is going to happen yet, but people already calling the situation the dairy cliff. the secretary of agriculture tom vilsack issuing a dire warning about all dairy product prices, and he explains why this is happening. >> well, if you like anything made with milk, you're going to be impacted by the fact that there's no farm bill. because if there is not an extension of the existing bill or a new bill, basically on january 1st or shortly thereafter, permanent agricultural law goes back into place, 1949 law, which basically means the federal government will go back in the business of strongly supporting the dairy industry by raising the price support, if you will, or support for dairy products to $38 a hundred
but if congress does not work out a fiscal cliff deal, those workers will not notice much of a difference in paychecks because of higher taxes. >>> and milk might be good for your bones soon mighting bad for your bank account. congress has until tomorrow to vote on a mutual agreement to extend the farm bill by one year, or you could see milk prices double. it's not even certain the vote is going to happen yet, but people already calling the situation the dairy cliff. the secretary of...
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. >> congress goes back to work trying to avoid the fiscal cliff. >> how close are we to a deal here? >> we shouldn't be waiting for people to cut deals in back rooms. american people ought to be able to watch the discussion and the debate. >> reporter: a connecticut lawyer is getting heavy criticism because he wants to sue the state over the newtown shooting. >> hello. we didn't do enough. this never should have happened. >>> colts' head coach makes it back to the sidelines three months after being diagnosed with cancer. >> the minute you get the diagnosis, you know, it's like getting hit across the head with a baseball bat. >>> kim kardashian and kanye west are expecting their first child. >> a little shocked. a little surprised. >> if there's no agreement by cliff, economists predict america will go back into a >> we don't want a howard dean sc reamscre. am. >> bungee jumping. >> we might need it. i might then and i might now. >>> i'm norah o'donnell with anthony mason. ch arlichare anlie d gaand yle gaylare e aroff.e off. o'donnell with anthony mason. charlie and gayle are we have
. >> congress goes back to work trying to avoid the fiscal cliff. >> how close are we to a deal here? >> we shouldn't be waiting for people to cut deals in back rooms. american people ought to be able to watch the discussion and the debate. >> reporter: a connecticut lawyer is getting heavy criticism because he wants to sue the state over the newtown shooting. >> hello. we didn't do enough. this never should have happened. >>> colts' head coach makes it...
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coming up on c-span, members of congress talk about negotiations surrounding the fiscal cliff. senate majority leader harry reid, speeches on the senate floor from california democrat barbara boxer, west virginia senator joe mansion, texas republican kay bailey hutchison and then caucus leaders speak to reporters. r is recognized. mr. reid: thank you very much, mr. president. i was really gratified to hear the republicans have taken their demand for social security benefit cuts off the table. the truth ishey should never have been on the table to begin with. there is still significant distance between the two sides, but negotiations continue. there is still time left to reach an agreement, and we intend to continue negotiations. i ask unanimous consent that the senate now proceed to a period of morning business for debate only with senators permitted to speak for up to ten minutes each. the presiding officer: without objection, so ordered. . reid: mr. president, we're going to come in at 11:00 a.m. tomorrow morning. we'll have further announcements perhaps at 11:00 in the morni
coming up on c-span, members of congress talk about negotiations surrounding the fiscal cliff. senate majority leader harry reid, speeches on the senate floor from california democrat barbara boxer, west virginia senator joe mansion, texas republican kay bailey hutchison and then caucus leaders speak to reporters. r is recognized. mr. reid: thank you very much, mr. president. i was really gratified to hear the republicans have taken their demand for social security benefit cuts off the table....
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numbers one and two this year are fiscal cliff and kick the can down the road. now, regardless of today's outcome is the damage already done for congress? whether they come up with a small deal or not here when it comes to the american people, they've already decided congress is useless. >> well, i think those of us who tried to function over the last couple years in congress have been saying that. we can't figure out who even the 10%, who support congress, are. we are totally dysfunctional right now and this is just probably the worst example of it. you know, i heard speaker boehner say a number of times that he doesn't believe in compromise and a lot of republicans say the same thing. they say let's find common ground and act on that. well, there just isn't much common ground. if, in fact, the numbers we're hearing about the senate deal, whether $450,000 threshold or $550,000, that is not a matter of principle. that's just a matter of policy and splitting hairs and differences of dollars. so i think unfortunately we've got a lot of people on the other side of
numbers one and two this year are fiscal cliff and kick the can down the road. now, regardless of today's outcome is the damage already done for congress? whether they come up with a small deal or not here when it comes to the american people, they've already decided congress is useless. >> well, i think those of us who tried to function over the last couple years in congress have been saying that. we can't figure out who even the 10%, who support congress, are. we are totally...
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fiscal cliff. here's what both sides are considering in a potential deal right now. an increase in tax rates for families making over $450,000 a year. extending unemployment benefits. and an increase in the estate tax. the president seemed hopeful but cautious when he addressed the american people earlier today. >> today, it appears that an agreement to prevent this new year's tax hike is within sight. but it's not done. there are still issues left to resolve. but we're hopeful that congress can get it done. but it's not done. >> let's get straight to our chief white house correspondent jessi jessica yellin. she's over at the white house with the very latest. the president seems pretty optimistic that it's within a few hours we could have a deal, right? >> reporter: wolf, the people i just spoke to here say they are no more or less optimistic than they were this morning. which is to say they are not cueing the confetti just yet. senator mitch mcconnell, the republican leader on the hill, is still t
fiscal cliff. here's what both sides are considering in a potential deal right now. an increase in tax rates for families making over $450,000 a year. extending unemployment benefits. and an increase in the estate tax. the president seemed hopeful but cautious when he addressed the american people earlier today. >> today, it appears that an agreement to prevent this new year's tax hike is within sight. but it's not done. there are still issues left to resolve. but we're hopeful that...
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cliff. we'll bring that live to you when it happens. sources are telling fox news that congress has figured out the tax part. the main bone of contention is at this point the spending. the white house wants new spending using tax hikes to prevent some of the severe budget cuts that also kick in in 11 hours from now. republicans argued that is just robbing pete tore pay paul. chief congressional correspondent mike emanuel is live at the capitol following all of the bouncing balls. hey, mike. >> reporter: one concern for republicans as they look at this deal is what about spending cuts? where are the spending cuts? it sounds like they are getting close in the talks between vice president joe biden and the senate republican leader mitch mcconnell but there is not a deal until senator mcconnell knows he has enough support. let's take a look at some of the key points of a framework of the deal according to sources close to the talks. it would raise taxes on income tax amounts above $400,000 for i
cliff. we'll bring that live to you when it happens. sources are telling fox news that congress has figured out the tax part. the main bone of contention is at this point the spending. the white house wants new spending using tax hikes to prevent some of the severe budget cuts that also kick in in 11 hours from now. republicans argued that is just robbing pete tore pay paul. chief congressional correspondent mike emanuel is live at the capitol following all of the bouncing balls. hey, mike....
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congress has created its own deadline to this so-called fiscal cliff and now has to live by it over the next several hours to see if something can get done. erica? >> kelly o'donnell, thank you. chuck todd is nbc's political director. kelly mentioned some constructive movement but then there's this chasm we keep hearing about. is there a chance for a deal? >> i think -- i want to say yes, there's a chance for a deal! they're not that far apart. it really depends on the political motivations of the people at the negotiating table. you think about joe biden and mitch mcconnell, mitch mcconnell is totally looking at this through a political lens, what is in the best interest of republicans in his view? from what i understand in his view he thinks what's in the best interest of the republican party is getting the tax issue off the table and then having a big knockdown, drag-down fight with the president in six weeks over the debt ceiling. under that scenario, that would tell me, okay, he's likely to want to make a deal. when you look at the actions that republicans threw out that idea of th
congress has created its own deadline to this so-called fiscal cliff and now has to live by it over the next several hours to see if something can get done. erica? >> kelly o'donnell, thank you. chuck todd is nbc's political director. kelly mentioned some constructive movement but then there's this chasm we keep hearing about. is there a chance for a deal? >> i think -- i want to say yes, there's a chance for a deal! they're not that far apart. it really depends on the political...
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the fiscal cliff was put in place by members of congress through the super committee and there were not able to come up with a big budget deal to fix the problems, they said if we cannot come up with a deal, if we will have these automatic cuts police. they knew the tax cuts were expiring. there are no surprises here is there's only an inability of people to work together and make hard choices that must be made. host: as the story unfolded over the past 24 hours, the president weighing in on all this and the blame game back and forth between democrats and republicans. years when he said on nbc. [video clip] >> we have been talking to the republicans ever since the election was over. they have had trouble saying yes to a number of repeated offers. yesterday i had another meeting with the leadership. i suggested to them if they cannot do a comprehensive package of smart deficit reductions, let's at minimum make sure that people's taxes don't go up and that 2 million people lose their unemployment insurance. i was modestly optimistic yesterday, but we don't yet see an agreement. now the pr
the fiscal cliff was put in place by members of congress through the super committee and there were not able to come up with a big budget deal to fix the problems, they said if we cannot come up with a deal, if we will have these automatic cuts police. they knew the tax cuts were expiring. there are no surprises here is there's only an inability of people to work together and make hard choices that must be made. host: as the story unfolded over the past 24 hours, the president weighing in on...
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while congress cannot seem to agree on a fiscal cliff fix, it looks like a deal has been reached to keep your milk prices from skyrocketing. both the house and senate agriculture committees have agreed to a one year extension on the farm bill which expired earlier this year. the extension must be passed by a full vote in congress before it can take effect. had a deal not been reached by tonight the government would have been forced to buy milk at inflated prices, raising the doss of milk and other dairy products for consumers could have been 8 bucks a gallon, believe it or not. heather: secretary of state hillary clinton is now hospitalized after doctors discovered a blood clot during a recent follow-up exam stemming from a concussion earlier this month. david lee miller is joining us live from our new york city newsroom with the very latest on her condition. >> reporter: officials have not released specific details about secretary clinton's glad clot. medical experts say the severe a steve the problem depends on the location of the clot. most risky are the rain. she is being treated by
while congress cannot seem to agree on a fiscal cliff fix, it looks like a deal has been reached to keep your milk prices from skyrocketing. both the house and senate agriculture committees have agreed to a one year extension on the farm bill which expired earlier this year. the extension must be passed by a full vote in congress before it can take effect. had a deal not been reached by tonight the government would have been forced to buy milk at inflated prices, raising the doss of milk and...
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congress has 14 hours to keep the u.s. economy from going over the fiscal cliff. if lawmakers don't reach a solution by midnight tonight, east coast time, income tax rates will increase for all americans. coming up at 7:15, the two key players who are now in charge of negotiating a last-minute deal. >>> time now, 7:03. grocery stores and other stores in alameda county who sell food and alcohol won't be able to give you plastic bag. in place of the single use bags, stores can use paper or reusable bags but will have to charge you at coast a -- at least a dime per bag. those who collect food stamp the won't have to pay -- stamps won't have to pay. >>> minimum wage goes up to 10.55 tomorrow. university of kentucky economists say that's hurting the youngest members of the work force because employers don't want to pay teenagers more than $10 plus benefits to get their first jobs. >>> just over an hour ago, millions of people in sydney, australia, rang in 2013. [ cheers ] >> crowds gathered to watch the skyline explode with fireworks. 1.5million people were expected to
congress has 14 hours to keep the u.s. economy from going over the fiscal cliff. if lawmakers don't reach a solution by midnight tonight, east coast time, income tax rates will increase for all americans. coming up at 7:15, the two key players who are now in charge of negotiating a last-minute deal. >>> time now, 7:03. grocery stores and other stores in alameda county who sell food and alcohol won't be able to give you plastic bag. in place of the single use bags, stores can use paper...
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that's the per capita fiscal cliff effect. but that effects a lot of people differently here. $26.2 million. that's the number of americans that will be caught by the amt, the alter naf tax system, unless congress comes up with a patch and that's part of the whole fiscal cliff effect. come on over here, we'll show you more. 2.1 million, that's the number of long term unemployed americans who will lose the extended benefits again if there's no fix to the fiscal cliff. $1,000, that's the amount that the average family will see a tax hike from the expiration of the payroll tax cuts. i would point out this is probably both away. both sides seem to be on board with undoing that temporary tax cut. 9% is the percent deutsche bank sees the unemployment rate up from the 7.8% where we are right now if we do go over the fiscal cliff. and then this number here, again, john harwood was talking about this, 8.2%, that's the across the board automatic cuts. fema, education, and of course state and local aid which is something that you would s
that's the per capita fiscal cliff effect. but that effects a lot of people differently here. $26.2 million. that's the number of americans that will be caught by the amt, the alter naf tax system, unless congress comes up with a patch and that's part of the whole fiscal cliff effect. come on over here, we'll show you more. 2.1 million, that's the number of long term unemployed americans who will lose the extended benefits again if there's no fix to the fiscal cliff. $1,000, that's the amount...
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this means if a debt ceiling deal is not included any fiscal cliff deal, and it is not likely to be. gregg: then this debt mess continues for a few months. and we've still got to argue that out in congress between congress and the president. heather: geithner said last thursday, he called them, trort nary measures would have to be taken to borrow money. >> yep. heather: breaking news in europe on the big 75% tax rate that the french wanted to pass for the rich. >> the breaking news that a french court said a 75% tax rate on individuals is unfair. so it has been rejected. the court court says unless you apply it to households it is not fair to single out individuals. that means 75% tax at this moment is not in effect. the french government and francois hollande says, it won't make any difference. we'll rewrite the law using new wording and we'll catch more people in the 75% tax rate net. heather: stuart varney, i know you have a lot of work to do today. it is a busy day financially. thank you. >> thank you. gregg: what will it mean if lawmakers fail to strike a deal? according to the
this means if a debt ceiling deal is not included any fiscal cliff deal, and it is not likely to be. gregg: then this debt mess continues for a few months. and we've still got to argue that out in congress between congress and the president. heather: geithner said last thursday, he called them, trort nary measures would have to be taken to borrow money. >> yep. heather: breaking news in europe on the big 75% tax rate that the french wanted to pass for the rich. >> the breaking news...